is it compulsory for a co. to apply depriciation rates as per companies act or it can apply rates as per income tax act??
2 Replies
Harpreet
(* * * * * *)
(1670 Points)
Replied 02 May 2011
yes it is compulsory/mandatory.
You have to record depreciation in books of accounts as per company act and make both schedule of fixed assets as per company act as well as income tax act
Shriram Ramachandran
(IPCC Student CWA Inter & Processing officer in GNSA Infotech Ltd)
(492 Points)
Replied 02 May 2011
| Originally posted by : manik | ||
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is it compulsory for a co. to apply depriciation rates as per companies act or it can apply rates as per income tax act?? |
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The company has to provide Depreciation as per Companies Act. But while Filing the return the Company depreciation will be added back & Depreciation as per IT act will be Subtracted.
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